By Vicki Needham - 05/18/11 03:16 PM EDT
The four-week moving average, which is a less volatile measure than the weekly figures, is up 7.2 percent for the refinance index and down 2.9 percent for the purchase index.
The refinance share of mortgage activity increased to 66.7 percent of total applications from 63.1 percent the previous week, the largest refinance share since late January.
The average interest rate for 30-year fixed-rate mortgages decreased to 4.60 percent from 4.67 percent, the lowest rate since November.
The rate for 15-year fixed-rate mortgages decreased to 3.75 percent from 3.81 percent, also the lowest rate since early November 2010.